Gold Price Forecast: XAU/USD Trapped Between $4,300 and $4,530
XAU/USD Holds Key at $4,300
The daily chart for spot gold shows strong consolidation between the 50-day and 200-day SMAs in the $4,300 to $4,530 area. A break of these SMAs will likely define the next move in the gold market. A break below $4,300 will push the price towards the $4,150 area.
On the other hand, a break above $4,530 will open the way for a strong rally towards the $4,800 to $5,000 region. The RSI remains at the midline, which shows uncertainty in the short term. However, the price structure remains bullish as long as the price remains above the $4,000 level.